Are the changes in the future technology process, the so-called “news shocks,” the main contributors to the macroeconomic fluctuations in Japan over the past forty years? In this paper, we take two structural vector-auto-regression (SVAR) approaches to answer this question. First, we...

This paper investigates the contribution of technology and nontechnology shocks to the changing volatility of output and labor growth in the postwar Japanese economy. A time-varying vector autoregression (VAR) with drifting coefficients and stochastic volatilities is modeled and long-run...

Data envelopment analysis (DEA) identifies an empirical efficient frontier of a set of peer decision making units (DMUs) with multiple inputs and outputs. The efficient frontier is characterized by the DMUs with an unity efficiency score. The performance of inefficient DMUs is characterized with...

This study empirically investigates whether macroeconomic effects of fiscal policy are affected by the existence of rule-of-thumb households in Japan. Motivated by existing theoretical formulations, we estimate a consumption function as extended to a Markov switching model and divide the sample...

For a complicated banking system with various financial attributes, there are usually different classifications of inputs and outputs from the perspectives of different stakeholders. In order to obtain the highest efficiency score, different perspectives tend to select different weight...